Title
Price information and bidding behavior in repeated second-price auctions
Abbreviated Journal Title
Am. J. Agr. Econ.
Keywords
auctions; bidding; experimental markets; price; valuation; MARKETS; FOOD; SOMATOTROPIN; PREFERENCES; VALUATION; VALUES; IMPACT; Agricultural Economics & Policy; Economics
Abstract
Examining panel data on bidding behavior in over forty second-price auction markets with repeated trials. we observe that (i) posted prices influence the behavior of the median naive bidder; (ii) posted prices do not affect the behavior of the median experienced bidder or the bidder for familiar goods; and (iii) anticipated strategic behavior wanes after two trials. The results suggest that while affiliation might exist in auctions for new goods, the repeated trial design with nonprice information removes the correlation of values and provides the experience that bidders need to understand the market mechanism.
Journal Title
American Journal of Agricultural Economics
Volume
81
Issue/Number
4
Publication Date
1-1-1999
Document Type
Article
DOI Link
Language
English
First Page
942
Last Page
949
WOS Identifier
ISSN
0002-9092
Recommended Citation
"Price information and bidding behavior in repeated second-price auctions" (1999). Faculty Bibliography 1990s. 2726.
https://stars.library.ucf.edu/facultybib1990/2726
Comments
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